CURRENT AFFAIRS

Detailed explanation-1: -The restrictions have been imposed on Saibaba Janata Sahakari Bank, The Suri Friends’ Union Co-operative Bank Ltd, Suri (West Bengal) and National Urban Co-operative Bank Ltd, Bahraich.

Detailed explanation-2: -The four banks being put under restrictions by the RBI are are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; and Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka. These restrictions have been put under the Banking Regulation Act, 1949.

Detailed explanation-3: -The banks whose permits have been cancelled by the RBI include Independence Cooperative Bank Limited, Mantha Urban Cooperative Bank Ltd, People’s Cooperative Bank Limited, Mudhol Cooperative Bank Limited, Millath Cooperative Bank Limited and others. This was in line with the trends seen in previous years.

Detailed explanation-4: -Today, the Reserve Bank of India (RBI), vide order dated August 17, 2022, has cancelled the licence of “Deccan Urban Co-operative Bank Ltd., Vijayapur, Karnataka”.

Detailed explanation-5: -State Bank of Sikkim is owned by the state government. Due to the special status accorded to Sikkim, State Bank of Sikkim was not under the purview of Banking Regulation Act of 1949 and Reserve Bank of India Act of 1934.